I was reading up on this. If you go to hp's website, they link to the academic papers that describe what this press release is actually about (but I think you'd have to either pay for it or be at a University to get access). It's kind of interesting as it's a switching system which uses atoms-thick devices using no silicon that could be made into logical units. But this was basically a feasibility test at this stage, as I didn't see the paper getting into switching speeds or maximal densities, though it looked like the current densities of these devices were much lower than those for transistors. Also an issue, in my mind, was that the device worked between about +1.5V and -1.5V, which seems like it'd require a fair amount of energy to switch, and thus not be terribly fast. Anyway, I'm sure I could check it better if I was on campus atm, but I can't view the pdf from home (I didn't save it to my computer there).
Edit: On campus now, so I gave it another glance. The main pull of this sort of thing is that with enough engineering work, this sort of thing could eventually end up smaller/faster than transistors. But the current implementation is quite a bit larger, and vastly slower (looks like they tested the circuit in frequencies of 3-4 Hz). So it may be a while, and it may be possible that this implementation won't be useful at all. But, the paper's authors are presenting the crossbar latch as a general computing tool that could be used with a variety of different types of core.
On a personal note, though, I think that half-metals really seem like they'll be the useful material for moving computers past semiconductors.